Category: Cryptocurrency News

A crypto wallet associated with Justin Sun, the co-founder of Tron, a smart contract platform, has moved 20,000 Ethereum (ETH) worth roughly $32.4 million from Lido Finance, a liquidity staking platform. Funds were transferred to Binance, the world’s largest crypto exchange, trading volume and client count. The transaction, executed in a single batch, was captured by The Data Nerd, an analysis platform, and shared on X on October 5. As it is, Ethereum (ETH) is under pressure, looking at the performance in the daily chart.  Ethereum Drops 4%, Are Bears Flowing Back? Trackers show that the coin is down roughly 4% in three days, confirming sellers of October 2. Notably, the daily chart has a double bar formation with the bear candlestick of October 2, completely reversing buyers of October 1. This arrangement suggests that bears could be in control, especially considering the draw-down of the past few trading days and the level of participation on October 2 when the coin slipped.  Related Reading: Analyst Who Put Bitcoin Price At $130,000 Says You Should Buy BTC Now, Here’s Why In technical analysis, losses at the back of increasing volumes often point to high participation. If prices are rising, then the coin in question could rally. Conversely, a sell-off could worsen if the bar had high trading volumes. It is also unclear whether Justin Sun plans to sell ETH after transferring coins to exchanges. Crypto transfers to centralized exchanges, which support many stablecoins like USDT and others, are often associated with sell-offs.  Market participants may interpret such movements as bearish, fueling the sell-off, subsequently heaping more pressure on prices. ETH is now at a one-week low. Justin Sun Shuffling ETH In 2023 The Data Nerd observes that prices fell the last time the wallet moved ETH to Huobi, which has since rebranded to HTX. In August, the wallet moved 5,000 ETH to HTX. The deposit came a week before ETH prices crashed 12%.  Bitcoin and Ethereum prices fell sharply in mid-August, causing a “cascade liquidation” that spooked investors. ETH bulls have since failed to reverse those losses. Considering the relatively low trading volumes in the last two months, prices are still boxed within the August 17 trade range, a bearish signal. Related Reading: XRP, Polygon See Month-High Volumes As Investors Show FOMO In late February 2023, Justin Sun staked 150,000 ETH, worth roughly $240 million, to Lido Finance. The transfer remains the largest single-stay transaction, forcing the liquidity staking provider to activate the Staking Rate Limit feature, capping the amount of coins one can stake at 150,000 ETH.  Lido Finance said the feature is more of a “safety valve” that “addresses possible side-effects such as rewards dilution, without needing to pause stake deposits explicitly.”  Feature image from Canva, chart from TradingView

Central bank digital currencies (CBDCs) are poised to give politicians unprecedented power to track your data, restrict your movements, and control your life.

According to FTX’s former chief technology officer, Sam Bankman-Fried committed crimes with himself, Nishad Singh and Caroline Ellison.

A crypto YouTuber has revealed his Bitcoin exit plans to the public, stating that he would only withdraw from the cryptocurrency once BTC reaches a staggering $142,000.  It is important to note that Bitcoin is presently trading below the $30,000 mark. Hence the popular YouTuber may have to wait a few years before leaving the market for good.  Crypto YouTuber Sets Price For Bitcoin Exit A crypto investor and YouTuber, ‘InvestAnswers’ recently published a YouTube video that featured a question-and-answer session with his subscribers. In the video, the YouTuber discussed various topics including AI, Meta, Google, and others.  Related Reading: Pro-Bitcoin Presidential Candidate Wants To Save BTC From The White House Focusing on crypto, he described his Bitcoin exit plan in detail, stating his desire to leave the cryptocurrency once it has attained a hefty market value of $142,000. The digital asset investor explained that he had high hopes for BTC’s price and was expecting the cryptocurrency to reach a price value of at least $89,000. Currently, the price of Bitcoin is approximately $27,693, miles below the price cap InvestAnswers has set for an exit. The cryptocurrency has also experienced a significant amount of losses this year due to unfavorable market conditions and volatility. Bitcoin also had a minor price slip-up last week, declining to about $27,500 after reports revealed a significant inflow of BTC in Kraken.  According to reports, Bitcoin’s September performance this year has been one of the strongest since 2012. InvestAnswers has stated a few of the market metrics and developments including Blackrock’s Bitcoin ETF have influenced the recent positive trend in Bitcoin. Analysts Relay Positive Outlook On BTC’s Price With the Bitcoin spot ETF potentially launching in the crypto space and other major innovative crypto developments advancing the ecosystems, many investors believe that BTC is on the verge of a bull run. Several analysts have made compelling predictions for the price of BTC in the last few months, stating that the cryptocurrency could enter a bullish position once it pushes past the $30,000 mark.  These predictions match up with InvestAnswers’ hopes for Bitcoin’s price rise to fuel his exit plans. The crypto investor has stated plans to sell out his equity to invest in several cryptocurrencies.  Related Reading: Will Bitcoin Price Crash To $10,000? Bloomberg Expert Reveals When BitMex founder and former CEO Arthur Hayes is one of those who remain convinced the Bitcoin price is headed for a six-figure price. Hayes believes that the price of BTC will reach $70,000 before the end of 2024. Going further, the crypto millionaire believes the cryptocurrency will rise as high as $1 million in 2026. Bitcoin is currently trading at $28,010 after struggling to hold support at $28,000. Nevertheless, the asset continues to hold 5% gains on the weekly chart. Featured image from Alphachain, chart from Tradingview.com

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The wallet manufacturing firm reportedly had roughly 734 employees at the time of publication, suggesting that roughly 88 people may have lost their jobs.

The Sui (SUI) Foundation has announced its latest initiative to strengthen its decentralized finance (DeFi) ecosystem, reclaiming 117 million SUI tokens worth $51.3 million from external market makers.  The tokens will be redirected into various channels to support the growth of the Sui Network. This Layer 1 blockchain has gained recognition for its scalability since its mainnet launch in May. Per the announcement, the reallocation of these tokens will not impact the circulating supply of SUI, as they were previously released.  In addition, the Sui Foundation has already earmarked 25 million SUI tokens to award winners of its liquid staking hackathon, which was announced earlier this week. Sui Foundation To Support Developers With Repatriated Resources According to the Sui Foundation, the influx of resources from this initiative is expected to support Sui’s community of builders, developers, and ecosystem participants, fostering growth in the coming months for the protocol.  Related Reading: Good Bitcoin News: Supply Keeps Falling To Lowest Since 2018 As Whales Keep Buying The newly repatriated resources will be channeled towards several key areas, including offering grants to developers for building decentralized applications, supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers, and liquid staking and lending protocols. Sui’s DeFi ecosystem, which, according to the announcement, has demonstrated strong adoption, will be a primary beneficiary of these new allocations.  The network recently achieved its highest Total Value Locked (TVL) at approximately $38 million, marking a growth of over 100% in the past two months, according to DefiLlama, a leading DeFi TVL aggregator. Furthermore, the Sui Foundation team believes these recent achievements have been remarkable, especially considering the short time since its mainnet launch. The network set an industry record by executing 65.8 million transactions daily, surpassing all other blockchains.  Per the announcement, Sui’s scalability remained intact despite the concentrated traffic, with the cost per transaction unaffected. Within just over four months, the network has attracted over 6 million active wallets.  Additionally, Sui introduced zkLogin, a unique native feature that enhances privacy and security by enabling users to access decentralized applications through their existing Web 2 social accounts. A Bright Future For The Network? Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future growth, emphasizing that the milestones achieved thus far are only a fraction of what the network aims to accomplish. Siourounis stated:  The milestones reached by Sui and its community in its first five months have been remarkable, but they represent only a fraction of what this network was built to achieve. Today’s reallocation represents a key influx of resources that will provide a new tailwind for Sui’s community of builders, developers, and ecosystem participants and fuel Sui’s ecosystem growth in the coming months and beyond. Related Reading: How Have Ethereum Futures ETFs Fared So Far? Data Reveals Shocking Numbers As of the current writing, the native token of the protocol, SUI, is trading at $0.4389, reflecting a 2% increase over the past 7 days. However, the token has experienced a decline of 6.4% within the 30-day timeframe.  Featured image from Shutterstock, chart from TradingView.com